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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

Canadian GDP Numbers beat Expectations; Chinese Manufacturing Data creates Rally in Metals

Published August 31, 2017
  • Data for month-on-month Canadian GDP showed that Canada’s economy grew by 0.3% versus expectations of 0.1%; USD/CAD fell to the mid 1.2500’s as the Canadian economy expanded at an annualized rate of 4.5%, beating expectations of 3.7%
  • US jobless claims rose by 1,000 in the previous week, coming under expectations of greater claims; US personal spending and personal income came in near expectations while investors look to tomorrow’s data on new US jobs and unemployment percentages
  • Global stocks continued their recovery this morning as positive US job numbers and upbeat Chinese manufacturing data provided optimism to investors; European shares pushed higher while US stocks benefited as well
  • Industrial metals (copper, nickel, lead) experienced massive gains after China posted an unexpected amount of growth in their manufacturing sector; China’s Purchasing Managers’ Index rose to 51.7, defying expectations of a marginal decline
  • Gasoline prices continue to rise, jumping as much as 7% yesterday in the wake of Tropical Storm Harvey; flooding from the storm stopped almost a quarter of US refinery production